Gross profit for the first half was down 23.1 per cent to S$15.9 million, from S$20.7 million a year ago mainly due to a change in sales mix within SMG’s health business segment, and the diagnostics and aesthetics business segment. The latter was also more negatively affected by the pandemic.SMG executive director and chief executive Beng Teck Liang said the group witnessed a slowdown from the strong momentum it was garnering up until the period before the onset of Covid-19.
He said:"Despite the impact, the group's business operations showed strong resilience while the management team focused on cost controls and improving operational efficiency." Looking ahead into the second half of the year, Dr Beng said that SMG has seen pent up demand returning for elective procedures and aesthetics. However, uncertainty remains on whether this momentum will continue and if medical tourism will return to pre-Covid-19 levels in the near term.
"Nevertheless, we remain confident in emerging from this pandemic as a stronger organisation. Further consolidation within the industry should present itself and we remain poised to capture opportunities for growth, leveraging the strong fundamentals of our business and track record of profitability," he added.For daily updates on weekdays and specially selected content for the weekend.
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